ADDIS ABABA (Reuters) – Ethiopia earned more than $1.3 billion from exports in 2006/07, missing its $1.5 billion target owing to price fluctuations in international markets, the Ministry of Trade and Industry said on Tuesday. [How much of it went to EFFORT (Woyanne’s business conglomerate) and Al Amoudi?]
Africa’s leading coffee exporter also paid a total of $4.7 billion for imports ranging from industrial machines to fuel during the same period, the ministry’s Export Promotion Department said in a report.
Ethiopia generated $1.1 billion from exports and paid $3.6 billion for imported goods in 2005/06.
“The country’s major export commodities in 2006/07 fell far short of anticipated revenue, thus generating less than the planned $1.5 billion,” the Ministry said in a statement.
Ethiopia exported 176,390 tonnes of coffee earning $424 million in 2006/07, up from the 153,155 tonnes that grossed $365.8 million in 2005/6, but lower than a projected $488 million, the ministry said.
Oil seeds and spices fetched $267.5 million, below a forecast income of $343.7 million.
“Most commodities underperformed, causing the country’s annual foreign currency revenue to be less than anticipated,” it said.
Africa’s second most populous country is the one of the world’s poorest, with millions of its 81 million people dependent on food aid.
The government is keen to tackle poverty by boosting the agricultural sector upon which most of its citizens depend, particularly exports.
Meat and live animal exports were hurt by a ban slapped on Ethiopia from its major traditional buyer United Arab Emirates last November, following scares over an outbreak of Rift Valley Fever in neighbouring Kenya, the ministry said.
But gold and coffee exceeded government expectations. The country exported 5.58 tonnes of gold, about a third more than anticipated.
Export earnings from 11.7 tonnes of cotton fetched $14.3 million, compared with a projected $8.9 million.